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Corporate Spotlight

Technology Metals Australia Limited (TMT) is an exploration company focused on identifying exploration projects in Australia and overseas with the aim of discovering mineral deposits.
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Nov 18 - Results from Stage 1 Drilling

PRESENTATION

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VIDEO

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PROJECT ENHANCEMENT

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PROJECT ENHANCEMENT RC DRILLING CONFIRMS HIGH GRADE CONTINUITY

ASX Announcement 8 November 2018


HIGHLIGHTS 

  • RC DRILLING SUCCESSFUL IN BOTH INFILLING AND EXTENDING DEFINED GABANINTHA MINERALISATION. 
  • CENTRAL PIT RC RESULTS CONFIRM CONSISTENCY OF GRADE AND WIDTH OF HIGH GRADE MINERALISATION ALONG STRIKE AND DOWN DIP. 
  • DEPTH EXTENSION INTERSECTIONS 25M TO 50M DOWN DIP OF CURRENT INDICATED RESOURCE. RESULTS INCLUDE: 
    • 14M AT 1.17% V2O5 FROM 208M AND 
    • 12M AT 1.17% V2O5 FROM 192M. 
  • RESOURCE INFILL HOLES INDICATE SCOPE TO EXTEND CENTRAL PIT INDICATED RESOURCE STRIKE LENGTH BY +300M TO THE SOUTH. RESULTS INCLUDE: 
    • 16M AT 1.26% V2O5 FROM 28M AND 
    • 14M AT 1.14% V2O5 FROM 90M. 
  • INFILL DRILLING AT THE SOUTHERN TENEMENT INTERSECTED HIGH GRADE MINERALISATION IN EACH HOLE WITH GRADES CONSISTENT WITH, OR EXCEEDING, THE RESOURCE GRADES.


BACKGROUND 

Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to announce results of the Reverse Circulation (“RC”) drilling component of the recently completed Stage 1 Project enhancement drilling program in support of the Definitive Feasibility Study (“DFS”) at its Gabanintha Vanadium Project (“Gabanintha” or “Project”).


The Stage 1 Project enhancement drilling program included 3,714m of RC drilling across the Northern Block of tenements and the Southern Tenement; consisting of sixteen (16) holes in the Central Pit area, four (4) diamond pre-collars in the North Pit area and eight (8) holes in the Southern Tenement.


RC holes were specifically designed to infill and extend the Northern Block Mineral Resource estimate in the Central Pit area, aimed at increasing the Indicated Mineral Resource category / Probable Reserve estimate, and upgrade part of the Southern Tenement Inferred Mineral Resource estimate to the Indicated Resource category


Managing Director Ian Prentice commented; “The results of the RC drilling from the stage 1 enhancement drilling program have delivered exceptional strike continuity, and down dip extension, of the massive magnetite mineralisation. These results are expected to materially increase the Global Resource and more importantly the Indicated Resource component, of this globally significant vanadium Project”.


RC DRILLING COMPONENT OF STAGE 1 PROJECT ENHANCEMENT DRILLING PROGRAM 

The RC component of the Stage 1 Project enhancement drilling program was specifically designed to infill and extend the Northern Block Mineral Resource estimate in the Central Pit area (see Figure 1), aimed at increasing the Indicated Mineral Resource category / Probable Reserve estimate, and upgrade part of the Southern Tenement Inferred Mineral Resource estimate to the Indicated Resource category.


The RC drilling consisted of 3,714m across 28 holes in the Northern Block of tenements and the Southern Tenement (see Appendix 1 for Collar Details) being;

  • sixteen (16) holes for 2,364m in the Central Pit area; 
  • four (4) diamond pre-collars for 524m in the North Pit area; and 
  • eight (8) holes for 826m in the Southern Tenement.


Click here to view the full announcement

QUARTERLY

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QUARTERLY ACTIVITIES REPORT & APPENDIX 5B 
FOR THE QUARTER ENDING 30 SEPTEMBER 2018

ASX Announcement 30 October 2018 

The Board of Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to provide an update on activities for the quarter ending 30 September 2018.

HIGHLIGHTS 

Definitive Feasibility Study commenced on the Gabanintha Vanadium Project; a large, long life, low cost development opportunity. 

Stage 1 project enhancement drilling completed, consisting of 6,730m of RC and Diamond drilling across 45 holes. 

All resource infill and extension holes intersected broad zones of massive magnetite mineralisation, with massive magnetite mineralisation intersected 25 to 50m down dip of current Indicated Resource to vertical depths of up to 190m. 

Very shallow oxidation profile confirmed at North Pit and Southern Tenement; combined with competency of footwall host rock highlights opportunity to steepen pit walls. 

Further downstream processing testwork delivered a very high purity V2O5 product with a purity of 99.53% and confirmed the Gabanintha ore is amenable to conventional salt roast / water leach processing. 

Vanadium prices have exceeded US$30/lb V2O5 driven by demand growth from the new Rebar standards in China and continued tightness of supply. 

TMT management attended the Noosa Mining and Exploration Investor Conference, the FerroAlloyNet International Vanadium Products Summit in Xiamen, China and subsequent to the end of the quarter the 121 Mining Investment Conference in Hong Kong. 

As at the end of September 2018 the Company had cash of $1.76 million and as at 29 October 2018 the Top 20 shareholders held 50.2% of the fully paid ordinary shares. 

Subsequent to the end of the quarter the Company completed a placement of 12,000,000 fully paid ordinary shares at a price of $0.50 per share (to raise $6,000,000 before costs) to institutional and high net worth investors.

Chairman, Michael Fry commented: “The rapid progression of the Definitive Feasibility Study on the large, long life, low cost Gabanintha Vanadium Project development opportunity combined with the confirmation of the delivery of a very high purity V2O5 product is very well timed given the tightness in vanadium supply, resulitng in vanadium prices reaching decade highs”.

SUMMARY 

During the September 2018 Quarter the Company and its high quality team of experienced industry expert consultants commenced the definitive feasibility study (“DFS”) on the development of the Gabanintha Vanadium Project (“Project”). This followed the June 2018 delivery of the Gabanintha pre-feasibility study (“PFS”) which confirmed the Project to be a large, long life, low cost development opportunity.

Wave International (“Wave”), as the lead consultant, is managing the DFS on behalf of the Company supported by a range of industry leading consultants with considerable expertise in their fields. The study team is focused on delivering a very high quality outcome in a time frame to support the rapid development of this outstanding project, with the DFS scheduled for completion in the June quarter 2019.

The stage 1 Project enhancement drilling, which consisted of 6,730m of RC and Diamond drilling across 45 holes, was completed after the end of the quarter. Drilling was extremely successful across the Project area in both infilling and extending the defined mineralisation. Diamond drilling has confirmed the very shallow oxidation profile in the North Pit area and the Southern Tenement, which is expected to have positive implications for early access to higher yielding high grade mineralisation. The shallower oxidation profile in these areas, combined with the overall interpreted competency of the host rocks, highlights the potential for steeper pit walls than those included in the PFS proposed open pit designs.

Further downstream metallurgical testwork has definitively shown that the Gabanintha ore is amenable to conventional salt roast / water leach processing. This work generated a very high purity final V2O5 product with a purity of 99.53%. Sub-samples of this high purity V2O5 have been dispatched to a range of potential vanadium end-users initially targeting the steel and vanadium redox flow battery (VRB) industry sectors. The very high purity achieved in this initial product generation stage underscores the opportunity to also target the speciality chemical and aeronautical industries.

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121 MINING

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PRODUCT CONFIRMED

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HIGH PURITY +99.5% V2O5 PRODUCT CONFIRMED AT GABANINTHA

ASX Announcement 12 September 2018

HIGHLIGHTS 

  • PRODUCT GENERATION WORK DELIVERS HIGH PURITY 99.53%1 V2O5. 
  • SUB-SAMPLES OF FINAL PRODUCT DISPATCHED TO A RANGE OF POTENTIAL VANADIUM END-USERS. 
  • TESTWORK CONFIRMS GABANINTHA MINERALISATION WELL SUITED TO PRODUCE HIGH QUALITY PRODUCT USING CONVENTIONAL SALT ROAST / WATER LEACH PROCESSING. 
  • DEFINITIVE-FEASIBIITY STUDY MAKING SIGNIFICANT PROGRESS AND IS ON TRACK TO BE DELIVERED IN JUNE QUARTER 2019.

BACKGROUND 

Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to provide an update on metallurgical testwork activities at its Gabanintha Vanadium Project (“Gabanintha” or “Project”). The initial production generation testwork, involving the precipitation of ammonium metavanadate and subsequent generation of high purity V2O5 product from a ~60kg composite sample of high grade massive magnetite mineralisation, has now been completed.

This work has delivered a V2O5 product with a purity of 99.53% from an ammonium metavanadate precipitate that recovered >98% of vanadium from a leach solution generated from salt roasting of the magnetic concentrate from Gabanintha.

This work further confirms that the wholly owned Gabanintha deposit is amenable to producing very high purity V2O5 using conventional salt roast / water leach processing, with relatively low reagent consumption and without the requirement of additional costly contaminant removal steps. Both the solution and final product produced from this testwork are regarded as extremely clean and low in solution impurities.

Gabanintha hosts an Ore Reserve of 16.7 Mt at 0.96% V2O5, contained within an Indicated Mineral Resource of 21.6 Mt at 0.9% V2O5 in the Northern Block. Ongoing drilling as part of the DFS is focused on expanding the Indicated Mineral Resource within the current Global Mineral Resource estimate of 119.9 Mt at 0.8% V2O5 and 9.7% TiO2.

Managing Director Ian Prentice commented; “To achieve greater than 99.5% purity of V2O5 product from this phase of testwork is a very exciting achievement for the Company and I look forward to presenting these results to interested parties during my current visit to China”

METALLURGICAL TESTWORK – PRODUCT GENERATION 

A program of metallurgical testwork designed to generate final product for end-users has been completed under the supervision of the Company’s metallurgical consultant METS Engineering Group Pty Ltd (“METS”). This round of testwork was based on representative samples of the high grade massive magnetite zone from the diamond drilling completed in the 2017 drilling campaign.

Testwork has definitively shown that magnetic concentrates produced from all zones of the massive magnetite and the fresh disseminated magnetite are amenable to conventional salt roast / water leach processing. The magnetic concentrates delivered very high vanadium recoveries and rejection of gangue minerals from the high grade fresh and transition material and the disseminated medium grade fresh material. Vanadium grades reporting to the magnetic concentrate ranged from 1.27 to 1.34% V2O5 for these ore types, with weight recoveries ranging from 85.6% for the massive high grade fresh composite to 33% for the disseminated medium grade fresh composite.

Previous downstream processing testwork confirmed the high quality of the Gabanintha ore, delivering final V2O5 product with a purity in excess of 99% (see ASX announcement dated 31 May 2018).

The recently completed product generation testwork, conducted by ALS Metallurgy Services, used approximately 60kg of combined transitional and fresh high grade massive magnetite mineralisation, which generated approximately 49kg of magnetic concentrate after being processed through triple pass LIMS at 1200 Gauss. The composited magnetic concentrate was batch salt roasted, with the resultant calcine product water leached to ensure complete dissolution of sodium vanadate to the leach solution.

The leach solution containing the vanadium was then subjected to desilication, generating a cleaner ammonium metavanadate (AMV) feed solution than the previous downstream processing testwork. AMV precipitate was filtered from this feed solution, with >98% of the vanadium recovered in to a high purity precipitate. The AMV precipitate was then calcined to generate a final V2O5 product (see Figure 1), with a calculated purity of 99.53% based on the sum of impurities method. Impurities within the final V2O5 consist of a small volume of alumina, chromium, copper, potassium and magnesium.

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